SHANGHAI, Mar 28, 2025 - (ACN Newswire) - - HuaTangNing completed its first full year for reimbursement under the National Reimbursement Drug List (NRDL), with continued expansion in hospital coverage.
28.03.2025 - 16:04:49Hua Medicine Announces 2024 Annual Results. Compared with the 2023 year, sales volume increased by approximately 740%.
- Sales revenue increased by 234% compared with the 2023 year, with cash reserves exceeding RMB 1 billion to fully support future R&D and commercialization activities.Hua Medicine will continue our engagement in diabetes prevention, opportunities in longevity and prevention of memory loss and eventually find a new way to increase healthy life span and longevity in humans.
Continued Expansion of Manufacturing Capacity, Plans to Launch Dorzagliatin in New Markets
- Hua Medicine continues to invest in expanding its manufacturing capacity to meet anticipated market needs in 2026 and 2027.
- Hua Medicine is also finalizing and preparing to submit registration applications for dorzagliatin to launch commercialization in the Macau and Hong Kong markets. We plan to submit both applications in 2025.
- Hua Medicine continues to strengthen its intellectual property protection globally. As of December 31, 2024, the Company owned more than 200 granted patents covering its proprietary technology worldwide.
Business outlook
- There is a great opportunity for dorzagliatin and our 2nd generation GKA in China and the global oral anti-diabetes market.
- We will strengthen our own commercialization efforts through hub and spoke development with focus on building up a strong internal sales and medical marketing organization to drive business growth in 2025. This will allow us to rebuild our strong connections directly to the medical community and better promote HuaTangNing in China and surrounding areas.
- We continue to invest into digital technology platforms to create synergies across functions and enhance branding opportunities using AI technology.
- We are working on the registration of dorzagliatin in HK and Macau region and engage partnerships in Southeastern Asia and Belt and Road nations. In addition, business development work on our 2nd generation GKA in regions with high incidences of obesity will be continued based on the initial success of the SAD study in the United States.
Financial Summary
For the year ended December 31, 2024:
- Bank balances and cash position was approximately RMB1,139.8 million.
- Total revenue was approximately RMB255.9 million, an increase of approximately 234% compared to the full year of 2023; approximately 2,105,000 packs of HuaTangNing were sold, an increase of approximately 740% compared to the full year of 2023.
- Total other income was approximately RMB116.8 million, including approximately RMB95.7 million from the amortization of Bayer milestone income.
- Total expenditures for the year was approximately RMB493.6 million, of which R&D expenses accounted for approximately RMB215.1 million.
- Loss before tax was approximately RMB250.1 million, which was mainly attributable to the increase of selling expense and research and development expense.
Forward-Looking Statements
This document contains statements regarding Hua Medicine's future expectations, plans, and prospects for the Company and its products. These forward-looking statements pertain only to events or information as of the date they are made and may change due to future developments. Unless required by law, we are not obligated to update or publicly revise any forward-looking statements or unexpected events after the date of such statements, regardless of new information, future events, or other circumstances. Please read this document carefully and understand that our actual future performance or results may differ materially from expectations due to various risks, uncertainties, or other legal requirements.
About Hua Medicine
Hua Medicine (The "Company") is an innovative drug development and commercialization company based in Shanghai, China, with companies in the United States and Hong Kong. Hua Medicine focuses on developing novel therapies for patients with unmet medical needs worldwide. Based on global resources, Hua Medicine teams up with global high-calibre people to develop breakthrough technologies and products, which contribute to innovation in diabetes care. Hua Medicine's cornerstone product HuaTangNing(dorzagliatin tablets), targets the glucose sensor glucokinase, restores glucose sensitivity in T2D patients, and stabilizes imbalances in blood glucose levels in patients. HuaTangNing was approved by the National Medical Products Administration (NMPA) of China on September 30th, 2022. It can be used alone or in combination with metformin for adult T2D patients. For patients with chronic kidney disease (CKD), no dose adjustment is required. It is an oral hypoglycemic drug that can be used for patients with Type 2 diabetes with renal function impairment.
For more information
Hua Medicine
Website:www.huamedicine.com
Investors
Email:ir@huamedicine.com
Media
Email:pr@huamedicine.com
Press Disclaimer
For accuracy and completeness in context, information related to products marketed in China in this material, especially those identified or required, should comply with documents approved by Chinese regulatory authorities.
Additionally, such information should not be interpreted as a recommendation or promotion of any drug or treatment, nor should it replace medical advice from healthcare professionals. For medical-related matters, please consult a healthcare professional.
Source: Hua Medicine
Copyright 2025 ACN Newswire . All rights reserved.
Continued Expansion of Manufacturing Capacity, Plans to Launch Dorzagliatin in New Markets
- Hua Medicine continues to invest in expanding its manufacturing capacity to meet anticipated market needs in 2026 and 2027.
- Hua Medicine is also finalizing and preparing to submit registration applications for dorzagliatin to launch commercialization in the Macau and Hong Kong markets. We plan to submit both applications in 2025.
- Hua Medicine continues to strengthen its intellectual property protection globally. As of December 31, 2024, the Company owned more than 200 granted patents covering its proprietary technology worldwide.
Business outlook
- There is a great opportunity for dorzagliatin and our 2nd generation GKA in China and the global oral anti-diabetes market.
- We will strengthen our own commercialization efforts through hub and spoke development with focus on building up a strong internal sales and medical marketing organization to drive business growth in 2025. This will allow us to rebuild our strong connections directly to the medical community and better promote HuaTangNing in China and surrounding areas.
- We continue to invest into digital technology platforms to create synergies across functions and enhance branding opportunities using AI technology.
- We are working on the registration of dorzagliatin in HK and Macau region and engage partnerships in Southeastern Asia and Belt and Road nations. In addition, business development work on our 2nd generation GKA in regions with high incidences of obesity will be continued based on the initial success of the SAD study in the United States.
Financial Summary
For the year ended December 31, 2024:
- Bank balances and cash position was approximately RMB1,139.8 million.
- Total revenue was approximately RMB255.9 million, an increase of approximately 234% compared to the full year of 2023; approximately 2,105,000 packs of HuaTangNing were sold, an increase of approximately 740% compared to the full year of 2023.
- Total other income was approximately RMB116.8 million, including approximately RMB95.7 million from the amortization of Bayer milestone income.
- Total expenditures for the year was approximately RMB493.6 million, of which R&D expenses accounted for approximately RMB215.1 million.
- Loss before tax was approximately RMB250.1 million, which was mainly attributable to the increase of selling expense and research and development expense.
Forward-Looking Statements
This document contains statements regarding Hua Medicine's future expectations, plans, and prospects for the Company and its products. These forward-looking statements pertain only to events or information as of the date they are made and may change due to future developments. Unless required by law, we are not obligated to update or publicly revise any forward-looking statements or unexpected events after the date of such statements, regardless of new information, future events, or other circumstances. Please read this document carefully and understand that our actual future performance or results may differ materially from expectations due to various risks, uncertainties, or other legal requirements.
About Hua Medicine
Hua Medicine (The "Company") is an innovative drug development and commercialization company based in Shanghai, China, with companies in the United States and Hong Kong. Hua Medicine focuses on developing novel therapies for patients with unmet medical needs worldwide. Based on global resources, Hua Medicine teams up with global high-calibre people to develop breakthrough technologies and products, which contribute to innovation in diabetes care. Hua Medicine's cornerstone product HuaTangNing(dorzagliatin tablets), targets the glucose sensor glucokinase, restores glucose sensitivity in T2D patients, and stabilizes imbalances in blood glucose levels in patients. HuaTangNing was approved by the National Medical Products Administration (NMPA) of China on September 30th, 2022. It can be used alone or in combination with metformin for adult T2D patients. For patients with chronic kidney disease (CKD), no dose adjustment is required. It is an oral hypoglycemic drug that can be used for patients with Type 2 diabetes with renal function impairment.
For more information
Hua Medicine
Website:www.huamedicine.com
Investors
Email:ir@huamedicine.com
Media
Email:pr@huamedicine.com
Press Disclaimer
For accuracy and completeness in context, information related to products marketed in China in this material, especially those identified or required, should comply with documents approved by Chinese regulatory authorities.
Additionally, such information should not be interpreted as a recommendation or promotion of any drug or treatment, nor should it replace medical advice from healthcare professionals. For medical-related matters, please consult a healthcare professional.
Source: Hua Medicine
Copyright 2025 ACN Newswire . All rights reserved.
